Ohio introduces a bill to pay state fees in cryptocurrency
The document will also allow public universities and a pension fund to invest in digital assets
01.10.2024 - 15:50
122
3 min
0
What’s new? Ohio State Senator Niraj Antani has introduced a bill that would require local governments to accept cryptocurrency to pay state taxes, fees, and fines, and make other payments. The document would also allow state universities and a pension fund to invest in digital assets if desired.
What else is known? According to the bill, the local tax office must compile a list of cryptocurrencies that will be accepted for payment. At the same time, the institution is at liberty to require citizens to cover any fees associated with crypto transactions.
Niraj Antani reminded in his press release that Ohio was the first in the United States to approve paying taxes in cryptocurrency back in 2018. However, the initiative was never implemented because it was not approved by the banking regulator.
The document also defines cryptocurrency:
“‘Cryptocurrency’ means a digital representation of value […] for which there is a reasonable expectation that it will maintain a stable value relative to a fixed amount of monetary value.”
Separately, it is noted that the term “cryptocurrency” does not include a national currency. Thus, Antani is not seeking to require government agencies to accept payments in digital dollars, which fall under the category of central bank digital currencies (CBDCs).
The Fed has previously noted that it has no plans to launch a digital dollar in the near term. However, even before that, the asset was criticized by many politicians who pointed out the risks of surveillance and financial censorship. Such statements were made by Robert Kennedy and Senator Ted Cruz. Some states, including Florida and North Carolina, have already banned the digital dollar.
Trump promises to prevent the creation of a digital dollar if re-elected president
According to him, the asset poses a threat to the freedom of US citizens
Ohio politicians have also raised the issue. A bill to ban the digital dollar is now before the local House of Representatives.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 333
BTC
+3.82%
-
Ethereum
$3 361.36
ETH
+8.83%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.28
XRP
+14.76%
-
Dogecoin
$0.386623
DOGE
+0.98%
-
Cardano
$0.833159
ADA
+2.27%
-
Bitcoin Cash
$488.88
BCH
+9.03%
-
Polkadot
$5.94
DOT
+2.64%
-
Stellar XLM
$0.279519
XLM
+13.79%
-
Litecoin
$89.65
LTC
+6.56%